Key Features of the Best Marketplace for B2B
By Space Coast Daily // May 20, 2022
Companies involved in B2B selling may have their own website or web store that they use to sell to other businesses, but they could also be part of an online marketplace for B2B. A B2B marketplace is a multi-vendor e-commerce portal for B2B where several vendors come together in a single place together with many customers.
Unlike a single-seller B2B site, a B2B marketplace has special and tailored capabilities that allow buyers to compare and select products from suppliers across the globe which is a major advantage for them. On the other hand, sellers also gain a lot from joining an online marketplace for B2B because they can reach many more potential customers, and their brands will get greater visibility and exposure. The vendors get more opportunities and will be able to expand more easily thanks to joining B2B marketplaces.
Below are some of the key features that characterize the best marketplace for B2B:
Security and Confidentiality
Confidentiality is one of the key differentiating features between B2B and B2C marketplaces. Vendors must be able to protect their product information, especially sensitive details. Therefore, as you choose a B2B marketplace, you check that it offers the level of confidentiality and security you need and it has excellent multi-vendor capabilities that keep suppliers from seeing sensitive details like prices, product specifications, and others that may allow your competitors to gain an advantage for their products.
Multi-vendor portal management
Since a marketplace for B2B accommodates several vendors unlike one for a single-vendor e-commerce site, there is a need for each supplier to manage their activities. The vendors should be able to be in control of their company information, product pages, contact details, product catalogs, and even prices.
Excellent search and navigation capability
Another crucial feature when it comes to the best marketplace for B2B is having a top-notch filtering and navigation ability.
There is a need for advanced search and filter capability to enable buyers to filter merchandise by brand, availability, price, and other tailored attributes created by the seller. The marketplaces should employ smart search techniques such as product replacement and search autocomplete to make it possible for buyers to find the items they are looking for Luckily, if you are looking for a great B2B marketplace platform, you can check out Virto Commerce.
Because B2B buyers place their orders in bulk and sometimes one vendor may not be able to fulfill those orders, the best marketplace for B2B should allow buyers’ orders to be split. The splitting should happen across several suppliers, warehouses, and brands, based on the availability of inventory and negotiations. Therefore, the buyer’s needs are met and they have an easy time using the marketplace.
Purchase orders editing flexibility
When businesses are buying, they may need to adjust their orders more than individual buyers. B2B customers expect more flexibility when it comes to amending their orders. For example, these buyers want to be able to change the delivery method, payment modes, payment terms, and shipping destinations, to mention a few.
For effective buying and an enjoyable shopping experience, marketplaces for B2B have unique features and each vendor must check that the platforms work for their business before joining any marketplace.